IronFX review (2021) Review
IronFX is a forex and CFD trading broker, which has opened for business in Cyprus in 2010. It’s made partners of global brands, for example FC Barcelona. In 2015, the broker made news headlines for closing down many offices in Russia, Germany, Italy etc. They chose to focus its efforts on clients in traditional markets. Users can access the popular MetaTrader 4 (MT4) trading platform, free demo account and over 200 tradeable instruments and over 120 currency pairs.
What can be traded with IronFX
IronFX offers over 256 different instruments:
IronFX offer 7 accounts, divided up into Live and ECN/STP, some of which are:
- Zero Fixed
Spreads and commissions vary depending on chosen account and the minimum deposit.
As mentioned before, the broker is regulated by the Financial Conduct Authority (FCA) and operates in the EU under a license from the Cyprus Securities and Exchange Commission (CySEC). They also hold licenses with Australia’s Securities and Investments Commission (ASIC) and the Financial Services Board (FSB) in South Africa.
IronFX demo account
One of the best education tools is to open a demo account and learn your trading skill on a real platform, but with virtual funds, so you`re trading without risking. The demo account they offer is free of charge. What is unique, they have four demo accounts available:
- Demo Floating Spread
- Demo STP/ECN Zero Spread
- Demo STP/ECN Absolute Zero
- Demo STP/ECN No Commission
IronFX takes a fee from the spread, which is the difference between the buy and sells price of an instrument, just like any other broker. They also charge a $50 inactivity fee, a sizeable 3% of deposited funds when withdrawals are requested during periods of inactivity. They do not charge for deposits and the deposit is only $100. Some fees are well explained on their website.
Registering with IronFX
You can register for a demo account simply. The join button is highlighted on the main page, so easy to find and all you need to do is fill in a short form. All set up in under a minute.
But I was waiting for quite some time for my verification email. The email had my login details and also a link, where I can download the platform I prefer.
After clicking on the download button an error page appeared.
I`ve decided to contact IronFX via their chatbot. They replied in a minute and sent me a link to download the platform. Because I use IOS, before I download, I need to visit Appstore to find the app and then download it. Unfortunately, they hadn`t been found in my country.
They offer trading with MT4, WebTrader or VPS hosting. The MetaTrader 4 platform is available via a mobile app for Android, iOS, and Windows devices. I wanted to choose MT4 because MT4 is the most reliable and popular platform, which provides essential tools and resources needed for successful online trading performance. But unfortunately, I couldn`t download the app in my country.
The brokers’ website
The websites design was good. All functioned smoothly and I liked the pictograms they used. The colours are simply black and red, and I think it works. The whole website navigation is intuitive and I didn`t have problems finding anything. The chatbot works fine. In the top pane you`ll find a menu:
In the Markets option, you can get closer information on what can be traded, Trading explains the accounts that are offered and in Platform, you`ll get to the platform you`ve chosen. In the last option IronFX you can find their contact details, why to choose them, so some summary of their pros, and a FAQ. What I`m missing here is some education support, news, analysis, economic calendar etc
In the footer of their website, you can see they`re active on Facebook, Instagram, Linked In, YouTube and Twitter. Facebook is updated with news, analysis and facts a couple of times a day. This is good news, so you can easily catch up on everything. I found the same activity on Instagram and Twitter. On Facebook, I found impressive educational videos with tips and analyses for beginners and professionals.
Advantages and disadvantages of IronFX
IronFX is a globally recognised, remarkably well-regulated Forex broker with over 200 assets, a demo account and a transparent, nice looking website. The live chat works fine and registering for an account is done in a minute. I liked their activity on their social networks but was disappointed by the fact, I couldn`t download MT4 in my country and to change to WebTrader, I would have to register all over again. I found no news, updates, analysis or economic tools on their website and Education support isn`t good enough.
- Poor education support
- Only MT4 platform
- No news on their website
- Technical problems with downloading the MT4 platform
- Variable & fixed spread accounts
- Live chatbot
- Demo account
Pros / Cons